 |
Question: Refinancing under water mortgage?
(Posted by: irobot on 2010-09-07 15:55:57)
I am like millions of homeowners who are under water on their mortgage. I have been trying to get refinanced to take advantage of the lower rates. My current Loan/ Value ratio is 107 %, which I am willing to pay down to 105 %. I have been current on all my mortgage payments & have excellent credit history/ scores. Based on this, I was confident to get refinancing. But I got rejected because my original loan had mortgage insurance. A friend told me about this program called HARP (makinghomeaffordable.gov). I checked the eligibility criteria and it tells me that I do qualify to get refinancing - 1) My loan is owned by Freddie; 2) My house is our primary residence; 3) I am current on the payments; 4) 1st mortgage is below 125 % of home value; 5) I have sufficient income & excellent credit. I would be grateful if you could share your experiences / advice please. Is there a real clause in the rules regarding mortgage insurance on 1st mortgage? |
